Friday,08 November 2024 08:25:01

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Friday,08 November 2024 at 08:22

UK and European Markets opened flat & mixed at the end of a busy week, as investors mulled rate cuts by the Bank of England and the Federal Reserve.

Asia-Pacific markets were mixed, after the U.S. Federal Reserve cut interest rates by 25 basis points and major U.S. indexes continued their postelection rally.

Gold prices eased but hovered around the $2,700 level, as traders assessed the impact of Donald Trump’s presidency and its implications for the U.S. interest rate outlook.

Oil prices fell slightly as the risk that a hurricane in the Gulf of Mexico will affect U.S. oil and gas output declined while the market continues to weigh how President-elect Donald Trump’s policies might affect supplies.

In UK corporate news, BA and Iberia owner IAG posted a 7.9% rise in total revenues for the third quarter, for a 15.4% jump in operating profit to €2.01bn.

Company management described the carrier's financial performance during the quarter as "very strong", highlighting its "significant" free cash flow generation and guiding towards a "strong" performance for the remainder of the year. IAG also announced a €350m share buyback programme.

Property portal Rightmove lifted its forecast for full-year average revenue per advertiser (ARPA) growth as it said it was "looking ahead with confidence".

It now expects ARPA growth of £85m to £95m for the year, up from previous guidance of £75m to £85m.

Markets

At 8.22

FTSE 100 8,146 +0.07%

FTSE 250 20,571 (-0.31%)

DAX 19,352 (-0.05%)

At the close

Dow Jones 43,729 +0.00%

S&P 500 5,973 +0.74%

NASDAQ 19,269 1.51%

Fixed Income

UK 10-YR YIELD 4.465

Exchange Rates

GBP/USD 1.294

GBP/EUR 1.201

Commodities

Gold $2,686 (-0.73%)

Brent $74.71 (-1.06%)

Important - No news or research item should be construed as a recommendation to trade. The inclusion of securities within this report does not necessarily imply their suitability for individual portfolios or situations in respect of which further advice should be sought. Information contained in this report has been compiled from sources believed to be reliable but is not warranted to be accurate or complete.